HTC shares continue to fall

Several factors contributed to the drop, one of the most significant of which was a reduction in the company’s revenue forecast, which was lowered by 13 per cent to NT$91 billion (£2 billion).

The firm also downgraded its operating profit projection from a margin of 11 per cent to nine per cent.

HTC, which is based in Taiwan, has suffered from slow demand in Europe, while in the US it has been forced to delay the introduction of new models because of a dispute over patents with rival manufacturer Apple.

The Asian company has also been struggling to keep up with other competitors such as Samsung, whose Galaxy range has been performing well.

Andrew Milroy of market research firm Frost & Sullivan told BBC News: “HTC was the early leader in Android but they have not been sufficiently prepared to handle the onslaught of other players in the sector.”

The manufacturer was found guilty of infringing a patent held by Apple in December, meaning shipments of its new smartphones have been subject to inspection by customs officials in the US.